This week, Versabank announced the development of its new product the Versavault. Versavault is a safety deposit box that clients will use to store any digital asset or cryptocurrency. What makes Versavault unique is its reliance on the blockchain network, something a majority of banks are yet to try. Other than running on the blockchain network, Versavault will be using blockchain encryption. Versabank is touting its digital asset safety deposit box as an “impenetrable security solution.”
Where to Best Store Your Digital Asset
According to Versabank, digital assets are as valuable as stock certificates, family heirlooms, jewelry and even property deed, but protecting them is not easy. Versavault’s design enables it to cater to the security and privacy needs of digital assets.
It is undeniable that Versavault is one of the solutions digital asset owners have long been waiting for. Currently, Versavault is set to disrupt the digital asset storage niche market, the reason for this is;
- Versavault is guaranteeing an impenetrable security
- Versabank’s vault guarantees absolute privacy since it uses blockchain encryption
- Versavault is created and managed by one of the most trusted chartered banks in the world
According to Versabank’s founder, the involvement of banks can boost the trust of individuals in the cryptocurrency ecosystem when it comes to securing digital currency. From the information released about Versavault, end-user clients will use it to store all sorts of digital assets with the assurance and expertise of a chartered Canadian bank.
By 2013, Versabank became the tenth most traded company in Canada. One area Versabank has been focusing on is innovation. Versabank is one of the elite banking institutions in the world that is branchless (has no physical branches).
A More Secure Digital Asset Storage Solution
Cases of missing cryptocurrency from less-secure wallet/storage options are always making headlines. In respect to this, Versabank is creating an innovative solution built on the bank’s ability to deliver both secure and tamperproof digital storage solution. Versabank intends to make Versavault the safest, and most private place to store digital assets such as cryptocurrency.
Versabank is following in the footsteps of financial institutions such as blockchain firm Metaco and Guardtime which is a data security agency, to offer the cryptocurrency ecosystem with more secure storage options.